Press Release

Edgar Villanueva, Peter Singer and More Philanthropic Leaders and Scholars Join Initiative to Accelerate Charitable Giving

New members add to the growing momentum for charitable giving reforms

WASHINGTON, DC – Today, the Initiative to Accelerate Charitable Giving (IACG) welcomed seven new members to the coalition: Economics Professor James Andreoni, Impact Cubed, Leichtag Foundation, The Lodestar Foundation, Preble Street, Philosopher and Bioethics Professor Peter Singer, and Edgar Villanueva, Principal of Decolonizing Wealth Project and Liberated Capital.

These new members represent a broad spectrum of interests across philanthropy and add to the increasing number of voices in the philanthropic sector who support federal policy reforms that will restore charities to their rightful place at the center of charitable giving laws, expand the number of Americans who donate to charity, and ultimately ensure much-needed resources get to work for the American people in a more timely fashion.

“Charitable gifts are public investments, not expenses. While donated dollars are sitting in DAFs, they could be getting double or triple the returns if they were invested in early childhood development, or in people’s health. Likewise, charitable investments to slow climate change, stem a deadly famine, or stop a lethal pandemic can have social returns that far surpass the S&P 500. IACG’s goals to put DAF dollars to work for society, not in the stock market, is both ethical and economic good sense,” said James Andreoni, Distinguished Professor of Economics, University of California, San Diego.

“The demand for crucial programs and services is only increasing, and the Initiative to Accelerate Charitable Giving’s proposed reforms will ensure funding already dedicated for community impact reaches nonprofits to meet these urgent needs now,” said Charlene Seidle, Executive Vice President and Chair of Impact Cubed, a nonprofit organization that supports philanthropists in maximizing their charitable impact.

“Private foundations are uniquely equipped and positioned to set bold examples in responding to the profound challenges of today. The Initiative to Accelerate Charitable Giving’s proposed reforms will reinforce the role private foundations play in alleviating the crises our communities face,” said Jim Farley, President and CEO of Leichtag Foundation, which is focused on igniting vibrant Jewish life, advancing self-sufficiency, and stimulating social entrepreneurship in North County San Diego and Jerusalem.

“The reforms proposed by the Initiative to Accelerate Charitable Giving will realign our charitable giving laws with the true purpose of philanthropy, and maximize the impact of our philanthropic dollars. By accelerating payouts from charitable vehicles, more money will flow to nonprofits that are making a difference every day in communities across Arizona and the nation,” said Jerry Hirsch, Chairman of The Lodestar Foundation, a Phoenix, Arizona-based foundation focused on maximizing the leverage of philanthropic dollars, time and effort.

“From the opioid crisis to homelessness, nonprofits in Maine are working tirelessly to address some of our communities’ biggest challenges. The Initiative to Accelerate Charitable Giving’s proposals are critical to unlocking more charitable dollars for these organizations so they can continue to meet the needs of Mainers each day,” said Mark Swann, Executive Director of Preble Street, a Portland, Maine-based charity focused on empowering and providing accessible barrier-free services to people experiencing problems with homelessness, housing, hunger, and poverty.

“There is clearly a problem when the government has provided significant tax benefits for more than $1 trillion, but that vast sum sits in private foundations and donor-advised funds instead of being used effectively to meet the challenges the world faces. IACG’s reforms are needed to encourage donors to put their money to better use,” said Peter Singer, Philosopher, Professor of Bioethics, and Founder of the charity The Life You Can Save.

“The Initiative to Accelerate Charitable Giving’s proposed donor-advised fund reforms are key to catalyzing the accelerated wealth redistribution needed to support people of color-led organizations that are collectively shifting the landscape of social justice in this country. The IACG reforms move us closer to the true intent of philanthropy – to love and promote the welfare of our fellow humans,” said Edgar Villanueva, Principal, Decolonizing Wealth Project and Liberated Capital.

As part of its launch last December on Giving Tuesday, IACG unveiled a statement of principles that outlines federal policy reforms that would restore the connection between charitable tax benefits and benefits to charities. Specifically, IACG proposes the following reforms:

  1. For private foundations, close loopholes to better ensure that distributions qualifying for the payout requirement are available for use by working charities; and incentivize greater payout through reforms to the excise tax.
  2. For private foundations, close loopholes to better ensure that distributions qualifying for the payout requirement are available for use by working charities; and incentivize greater payout through reforms to the excise tax.
  3. For private foundations, close loopholes to better ensure that distributions qualifying for the payout requirement are available for use by working charities; and incentivize greater payout through reforms to the excise tax.

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About the Initiative to Accelerate Charitable Giving

The Initiative to Accelerate Charitable Giving (IACG) is a broad coalition of philanthropists, leaders of major foundations, non-profits and others who represent a broad spectrum of interests across philanthropy. IACG is dedicated to promoting common-sense, non-partisan federal policy reforms that close tax loopholes and re-establish charities as the center of charitable giving laws. For more information, visit www.acceleratecharitablegiving.org.